Bitcoin trader known as “Titan of Crypto” has stated that the bull market is not over.
The trader used data from the BTC/USD daily chart to show there is still momentum in the Bitcoin uptrend.
Bitcoin broke below significant support early this week, dropping below the critical $60,000 level.
A famous Bitcoin trader identified as Titan of Crypto on X has stated that the bull market is not over. In a recent post, the renowned trader used data from the BTC/USD daily chart to show there is still some momentum in the Bitcoin uptrend amid several calls for the beginning of a bear market from some crypto users.
#Bitcoin Bull Market is NOT OVER. ♉️🐂Pi Cycle Top is far from signaling a cycle top.Many are already calling for the beginning of a bear market…At least wait for the MA111 🔴 to crossover the MA305*2 🔵 🤝. pic.twitter.com/GMaGgzlMdx
— Titan of Crypto (@Washigorira) May 1, 2024
Titan of Crypto’s post comprised a screenshot of the BTC/USD daily chart with a pair of moving average indicators superimposed on the chart. He identified the indicators as MA111 and MA350*2.
In his analysis, the trader spotted a couple of significant areas on the chart where BTC reacted uniquely to the indicators. In the later stages of the price action, Titan of Crypto highlighted a “Real Breakout” and two “Retest Points.” In between the “Retest Points,” he noted another point where the indicator signaled a price “Rejection.”
The trader combined the price action across those points to conclude there is still substantial momentum in Bitcoin’s upside movement despite the recent pullback. He believes the bullish momentum would remain until the MA111 line crosses above the MA350*2.
Bitcoin broke below significant support early this week, dropping below the critical $60,000 level. The drop followed a prolonged sideways movement after the flagship crypto reached a new all-time high (ATH) of $73,794 in the middle of March.
The latest drop marks the most significant one-sided movement since the latest Bitcoin halving on April 19. The nature of the drop injected some Fear, Uncertainty, and Doubt (FUD) into the Bitcoin market, with many users suspecting a fresh bear market is emerging.
Titan of Crypto thinks otherwise and believes the pullback is a temporary price movement. The pioneer cryptocurrency traded for $57,849 at the time of writing, marking a 23.5% drop from the ATH, according to data from TradingView.
The post Bitcoin Trader Insists The Bull Market is Not Over Despite Recent Pullbacks appeared first on Coin Edition.
